“TAQA” obtains project financing of 4 billion dirhams

Financing for the International Harbor Station for Water and Electricity.

À from the source

The Abu Dhabi National Energy Company (TAQA) announced that Al Marfa International Water and Electricity Company has completed a refinancing of four billion dirhams.

And TAQA said in a statement yesterday that this long-term bank financing is denominated in dollars, and it is scheduled to mature on September 30, 2042.

She stated that nine international and regional banking entities participated in the refinancing process, including: Abu Dhabi Commercial Bank, Bank of China (Dubai Branch), First Abu Dhabi Bank, KfW IPEX Bank, Norinchukin Bank, National Bank of Saudi Arabia, Shinsei Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank.

TAQA clarified that the proceeds of the new long-term loan were used to refinance the existing debt of the International Harbor Water and Electricity Company, which was lent in 2014 as part of the long-term financing, with the option to refinance it in the short term, a popular financing model. utilities sector in the region.

"The (TAQA) Group is committed to securing competitive financing for our assets, to increase returns for our shareholders and strategic partners," said Farid Al-Awlaki, Executive Director of TAQA's Power Generation and Water Desalination Business Unit.

He added, "The approval of the refinancing of more than one billion dollars from the loan of the International Mirfa Water and Electricity Company, shows the amount of hard work done by many stakeholders, and confirms the desire to finance major utility projects in Abu Dhabi, which are managed by the (TAQA) Group. ».

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